AbstractThe 'SP-1+' short-term rating assigned to South Dakota Conservancy District's series 2010 state revolving fund program bond anticipation notes (BANs) is based on a pledge of all repayments made under the pledged loan agreements and other various funds pledged under the master indenture, standing authority to issue long-term debt as needed, and historical ability to access the long-term capital market. The 'AAA/A-1+' rating on the series 2008 bonds has been affirmed; the short-term component of the rating represents the likelihood of payment of tenders and reflects separate standby bond purchase agreements (SBPAs) provided by U.S. Bank N.A. (AA-/A-1+). The 'AAA' long-term rating on the district's state revolving fund program bonds has been affirmed and reflects the following credit characteristics: Program...

Companies mentioned in this report are:- South Dakota Conservancy Dist

Action: AffirmedAction: New RatingAction: Outlook: Stable

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Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.

This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.
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